BELGRADE (Serbia), July 18 (SeeNews) - Italy's Fintel Energia Group said on Wednesday it plans to invest 120 million euro ($139.5 million) in the first phase of the construction of the Kosava wind farm in Serbia.
The Italian company is implementing the project through MK Fintel Wind, a joint venture with Serbian vertically integrated conglomerate MK Group, and has invested 20 million euro in it thus far, it said in an e-mailed statement.
Currently, the construction of two transmission lines, substations, connection facilities, and the basis for the installation of the 20 turbines of the wind farm is being carried out, Fintel Energia said.
The first phase of the wind farm's development will be completed in 2019, when the facility will have an installed capacity of 69 MW, enough to meet the needs of 45,000 households, the company added.
Denmark's Vestas said last week it signed a contract to supply the 20 wind turbines for the Kosava wind farm.
In February, MK Fintel Wind said it agreed to receive a 81.5 million euro loan for the first phase of the construction of the Kosava wind farm from Erste Group, Erste Bank Serbia, Unicredit Serbia, Zagrebacka Banka and the Development Bank of Austria (OeB).
The company was set up in 2008 and already operates two wind farm in Serbia, with a combined installed capacity of 16.5 MW.
($ = 0.860291 euro)